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Bitcoin price failed third attempt to breakout above $6,650

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Just last week, there was a nice upward move from the $5,900 wing low in bitcoin price against the US Dollar. The BTC/USD pair traded above the $6,300 and $6,500 resistance levels.

However, the price failed yet again near a significant resistance at $6,600-6,620. The stated resistance zone prevented gains above $6,500 and the 100 simple moving average (4-hours). As a result, the price declined and moved below that $6,500 level.

Earlier this week on CNBC Fast Money, host Melissa Lee described the narrow channel between $6k and $7k as 'Bitcoin Purgatory'. Guest speaker and head of Digital Assets group at Susquehanna International Group, Bart Smith, said "Bitcoin is in Show me mode" as the cryptocurrency market currently seems resistant to trend changes driven by good news and positive developments for cryptocurrencies.

Smith believes investors are searching for verifiable proof that the market has turned bullish before setting up positions, hence the sporadic spikes and trend of declining volume for bitcoin.

It seems the entire market is contingent on the SEC's approval or denial of exchange-traded funds ETFs) but there are a select few who advise caution against placing all one's hopes in the approval of such an ETF for a variety of reasons.

Meanwhile, the world, or at least Americans, were introduced to the new Bitcoin Exchange Traded Note (ETN) from Coin shares subsidiary, Tracker One. This provides U.S. investors with a listed (regulated) vehicle to invest in bitcoin vial their US brokerages without carrying the burden of needing to secure coins, register o various cryptocurrency exchanges, pay the premium that Greyscale adds or worry about exchange hacks and re-compensation.

4-HOUR CHART


BTC $6450.73 completed the inverse head and shoulders formation but a decline in volume followed by a few failed attempts to cross the daily high set at $6,644 lead to BTC eventually collapsing below the bullish trend-line and the 55-EMA and 20-day moving average.


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